One-Timers

Here is a schedule of certain one-time items we exclude from Funds From Operations Adjusted for Comparability:

Over the last four years, we earned on average $127 million each year from these one-time investments. Many of these investments have resulted in special dividends to our shareholders. Notwithstanding these results, Mike and I don't think that we get any credit in our share price for these earnings. In fact, these investments seem to attract too much attention, taking away focus from our much, much larger, strong core business. Worse yet, we are also coming to the conclusion that our share price may suffer a complexity discount. And, after all, share price is the main event for us. With all this in mind, the order of the day is to simplify and prune.

Growth

As is our custom, we present a chart below that traces our ten-year record of growth, both in absolute dollars and per share amounts:

(1) Michael D. Fascitelli, Vornado's President and my partner in running Vornado.